On Monday, reps for Miley and Liam confirmed their engagement was over following rumours that their relationship was on the rocks.
Now, it has been claimed that actor Liam has offered an olive branch to the former Disney star by refusing to take back the giant 3.5 carat sparkler he bought her in 2012.
A source told Radar Online: "He told her to keep it as a memento of their love affair."
Rumours of the couple's split came after eagle-eyed Twitter users noted that Miley had stopped following Liam on Twitter.
Last month, Miley sparked a storm after bumping and grinding against Robin Thicke at the MTV VMAs while wearing a skin-coloured latex bralet and pants.
Reports later claimed that this was the "final nail in the coffin" for their relationship.
Since then, Liam has been pictured kissing another woman. On Saturday night (14 September), he was snapped getting close to Mexican actress Eiza Gonzalez while in Las Vegas.
Miley, meanwhile, was recently quoted in Harper's Bazaar, saying: "I definitely don't have time to deal with a wedding right now."
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